The Santa Monica City Council on Saturday announced it reached an agreement with the Federal Aviation Administration and the Department of Justice to close Santa Monica Airport in 2028.

The agreement ends a longstanding legal battle and secures that the 227-acres of property will be returned to the residents of Santa Monica, according to a press release from city officials.

Key terms of the agreement include:

The airport will close Dec. 31, 2028.

The runway will be immediately reduced to 3,500 feet, substantially reducing jet traffic and commercial charters.

The U.S. government acknowledges that Santa Monica has the right to establish its own proprietary exclusive fixed based operation (FBO) services.

No environmental assessment is required to close the airport.

The FAA issued a statement on the solution:

"...This is a fair resolution for all concerned because it strikes an appropriate balance between the public's interest in making local decisions about land use practices and its interests in safe and efficient aviation services."

More details into the closure were expected to be released at a 2 p.m. press conference Saturday afternoon.